St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1887-06-21
On the Chicago Board Of Trade the
Wheat Marke. Was Dull, Weak
and Sagging.
The Main Cause Was the Lack Of
Support Given to the Cereal
by the Dealers.
The Announcement Of the Appoint
ment of Receiver for Kershaw
Also Had It's Effect.
Transactions in the Financial Circles OF
Wall Street.-The General
Market.
Special to the Globe.

Special to the Globe.
CHICAGO, June 20-The keynote Of to-day's
trading may be found in one word-stagna-
ton II is the calm following the storm. The
houses that have went down with the bursted
wheat clique are completely tied up III net
work of litigation and weeks must elapse be-
fore some concerns will be able to know
where they stand, while months will be re-
quired to straighten out the affairs of the
larger firms To Chicago bankers last week
was the bu Siest one on record. The clearings
amounted to sos, 291, 554.24, as against
So, S19, 2S7. S4 for the corresponding week
last year. The transactions of the clearing
house of the board of trade aggregated
SOS, SIS, S25. o. as against 81, T64, 617. so for
the preceding week. The figures for July
wheat, as reported on the curb this morn
ing, were 7224c. On the regular board
July opened at 72I2e and August at 74Iec,
Within five minutes July wheat sold at 72Ac.
August wheat opened at 74I2e and Septem-
Der at 1850. The announcement of C. J.
kershaw failure was received with defer
entail silence. AS trading proceeded the
talk became more and more beariSh based
principally on large stocks, on the prospect
of early receipts of winter wheat and re-
ports of refreshing rains in the Northwest.
Corn was unchanged at 40c for September.
Early dispatches from Duluth stated that the
decrease in wheat in store there last week
was 1,710,612 bushels. By noon it became
apparent that the visible supply figures
would not affect the market in the least, and
twenty minutes later Secretary Stone an
nounced that the decrease i'll oats was pa
600 bushels: in corn the decrease was 49,
600 bushels: in wheat the decrease was
$4,000 bushels. Provisions were steady
throughout the day, without much doing.
The
PRINCIPAL ssRENGTH
was in ribs The appointment of P. B. Weare
as receiver for Kershaw & Co. was variously
discussed. While the general sentiment ap-
proved the action there were some grumblers
and their grumbling was loud. The men
who have lost most by Kershaw's collapse
are not finding any fault with the appoint
ment of Weare us receiver. What they want
TO know is the whole truth, and as soon as
possible. A meeting of creditors is all right
enough, but it would develop a diversity of
discussion and doubtless lead to more bad
feeling than ut the present exists. They
don't want any more trouble than they must
inevitably have. Kershaw is fiat and the bus
mess way to deal with his failure is to have
a business man take hold of his books and
show exactly where all parties stand.
THE ROUTINE REPORT.
CHICAGO, June 20.-The wheat market was
dull, weak and Sagging all day. The main
cause was the lack of support which the
market received, and the ever present fact
that considerable wheat yet remains to be
marketed. The stocks in store here are big
bear to the spectators and the shipments,
though large, are mot sufficient to satisfy
shows a decrease of over SOC, 600 bushels of
wheat, cut little figure. 1t was about as ex-
pected, as it was known that all of the grain
chartered during the past week have not left
the seaboard. The announcement of the
appointment of receiver for Kershaw
ing features, as it went to show
that no hope was entertained that
the firm would pull through. There was
general selling in the last hour of the morn
ing session, and during the afternoon session
causing prices to weaken very considerably.
There was some demand for winter wheat for
shipment, also for spring wheat, though the
latter was rather more quiet than at the close
OF last week. Spectators are doing some
new business, but are rather inclined to trade
on limited scale. July wheat opened at
T2l2c and sold down to 70sae the closing
fgure.June started at 71Ac and declined to
6Sl2c, the closing figure. A rather limited
trade was reported in corn to-day, the mar
ket ruling comparatively quiet, with trans
actions confined to local operators, very
few outside orders being received Reports
were generally favorable for the growing crop.
ceipts continue moderate. The market
opened shade firmer than closing figures of
Saturday, then became easier, fluctuated
somewhat and closed about 12c lower than
Saturday. July opened at 37l2c and closed
at 3634c. Oats were dull and weak. July
ranged ss@s4c lower, and deferred deliveries
declined A@ssc. The dullness generally pre-
vailing had an unfavorable influence which
tended to check the desire to buy ON specua-
lative account. A little more life was mani
tested III the provision market, still trading
was not very large. Offerings on speculative
account were fair and the demand was not
particularly urgent Prices averaged a trifie
lower and the market closed quiet Inquiry
for shipment was rather light, and holders
are not pressing their property on the mar
ket. The receipts were fair and the ship
ments quite liberal. July lard opened at
S6.32l2 and sold down to 1928, the closing
figure. July ribs started at S7.35 and de-
TO $3.50, the closing figure.
THE QUOTATIONS..
Ihe leading futures ranged as follows:
Wheat-No. June opened at 71Ac, closing
at 68lac: july, 72l2c. closing at 7oAc;
76s4c, CLOSING; at 74kc. Corn-No 2 June
opened at 36I2c, closing at 36c; July, 37I2c,
closing at 364c: August soc, closing at
3SSAe; September B 4oe closing at 39asc:
25lsc; July, 26Ac, closing at 254sc; August,
26c, closing at 25l2c; September, 264c, clos
ing at 25s4c; Mess Pork per 100 lbs-June
lbs-June opened at Sc. 80, closing at Sc. 22ss;
July, Sc. 32!2, closing at s6,25; August
S6.42l2, closing at ST. 37l2; September, So SIS,
closing at S647I2. Short Ribs per 100 lbs
June opened at S7.35, closing at
$3.50; July, $685., closing at $3.50;
August, $745, closing at S7.42R;
September, S7.55, closing at S7.52l2.
Cash quotations were as follows: Flour was
steady and unchanged; demand light and of
local nature. Wheat-No. 2 spring, 700
704c; No. 3 spring 67@7Oc; No 2 red, 76c.
Corn-No. 2. 36A@ 36asc. Oats-No. 2,
25Ac. Rye-No. 2, 53c. Barley-No. 9,
59c. Flax Seed-No. 1, $1.1SA. Timothy
Seed-Prime, 81 20. Mess pork, per Dbl,
S22. Lard, per 100 lbs, $3.50. Short ribs,
sides, loose. S7.30; dry salted shoulders,
boxed, s5:6d@5;7o; short clear sides, boxed
S7.70@I.75. Whisky-Distillers' finished
goods, 81 10 per gal. Sugar-Cut loaf, ESQ
Csc: granulated, 6lsc; standard 'A'', 55sc.
Receipts-Flour, 1900 bbls; wheat, 1885,
600 bu; corn, $1,000 bu; oats, 10000 bu;
barley, 5000 bu. Shipments-Flour, o.
600 bbls; wheat. $50, 900 bu; corn, 339, 600
blu; oats, $4,000 bu; rye, 900 bu; barley,
1000 Blu, On the produce exchange to-day
the butter market was steady under heavy
receipts; creamery, 14llSc; dairy, 12ll6c.
Eggs were weak and lower at 1OI9@l1c.
r. M. NEWPORT & SON,
Investment Bankers.